The globally increasing demand for energy has encouraged many countries to search for alternative renewable sources of energy. To this end, the use of energy from ocean waves is of great interest to coastal countries. Hence, an assessment of the available resources is required to determine the appropriate locations where the higher amount of wave energy can be generated. The current paper presents a review of the resource characterizations for wave energy deployment. The paper gives, at first, a brief introduction and background to wave energy. Afterward, a detailed description of formulations and metrics used for resource characterization is introduced. Then, a classification of WECs (wave energy converters) according to their working principle, as well as PTO (power take off) mechanisms used for these WECs are introduced. Moreover, different sources for the long-term characterization of wave climate conditions are reviewed, including in situ measurements, satellite altimeters, and data reanalysis on one hand, and numerical simulations based on spectral wave models on the other hand. Finally, the review concludes by illustrating the economic feasibility of wave farms based on the use of the levelized cost of the energy index.